Accounts Receivable, Net of Allowance

3 Months Ended

Mar. 31, 2013

Receivables [Abstract]

Accounts Receivable, Net of Allowance

Accounts Receivable, Net of Allowance

The following table, which may contain summation differences due to rounding, provides details of accounts receivable, net of allowance, which is classified as current (in millions).

	March 31, 2013			December 31, 2012
Contract billings	$	468.4		$	522.1
Retainage	111.0			113.5
Costs and earnings in excess of billings	337.8			252.8
Accounts receivable, gross	$	917.2		$	888.3
Less allowance for doubtful accounts	(14.7		)	(11.2		)
Accounts receivable, net	$	902.4		$	877.1

Retainage, which has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Receivables expected to be collected beyond one year are recorded in other long-term assets. The Company maintains an allowance for doubtful accounts for estimated losses, both for specific customers and as a reserve against other balances, resulting from the inability of customers to make required payments.

The Company has trade receivables for certain “pay-when-paid” projects, which provide for payment through March 2018. These receivables, which are included within assets of discontinued operations in the condensed unaudited consolidated financial statements, have been recorded at their respective net present values, with the non-current portion recorded within long-term assets of discontinued operations. Imputed interest is recognized as interest income as earned, and is reflected within the results of operations from discontinued operations. As of March 31, 2013 and December 31, 2012, $6.1 million and $6.3 million were outstanding, respectively. Of these amounts, approximately $4.2 million and $4.3 million are long-term as of March 31, 2013 and December 31, 2012, respectively. See Note 4 - Discontinued Operations.

Certain of the Company’s international subsidiaries included within discontinued operations utilized factoring of accounts receivable as a short-term financing mechanism. The amounts of related receivables sold during the periods ended, or outstanding as of both March 31, 2013 and December 31, 2012, were not material.